People who feel good about their finances: What do they have in common?

This guest post is courtesy of CFPB and FDIC’s joint education and awareness campaign.

Parents tell us it’s important for children to be well-prepared to lead good financial lives.

Yes, financial facts and information are important. But the way we behave around money is connected to the way we behave in the rest of our lives. That means it’s important for children to develop attitudes and characteristics as well as knowledge.

So, what kind of person is likely to have financial well-being—that is, to feel confident about their financial situation, today and down the road? It turns out that people who feel financial well-being have a few personality traits in common:

  • Focus on the future. People with this characteristic tend to plan ahead and think about how their actions today will affect them in the future.
  • Diligence. This trait describes people who are driven to finish what they start, work hard, and take care of details.
  • Self-control. People with self-control are generally able to show patience and wait for what they want.
  • Self-confidence. People with this trait tend to measure themselves against an inner yardstick, and believe their actions can make a difference in their own lives.

Parents, if you’re thinking about getting your children on the path to financial well-being, try helping them work on these traits. They can help children get ahead in many areas of life. Young people develop these traits at their own pace, and almost everyone benefits from help and practice. For example, for children younger than age five, activities like martial arts and playing pretend can develop these qualities. You don’t have to be a money expert, and you can help form a good foundation for your child’s future financial life.

Take the Pledge

Savers who make a plan are twice as likely to save successfully. 

Take the America Saves Pledge

Tip of the Day

  • Written by Katie Bryan | November 20, 2013

    Don't be left in a lurch. Plan for your #holiday #spending! http://ow.ly/r0Sg0

Saver Tips and Stories View all »

Taking Back Control Over Finances

Written by Virginia Saves | August 5, 2015

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

Read more...

Starting Over

Written by Katie Bryan | October 28, 2013

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...

A Think Like A Saver Attitude

Written by Benjamin Moss | November 26, 2019

Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her husband lost his job in 2014. Using their savings, Melissa’s family stayed afloat while her husband found a new job. During his job search they used a majority of their savings, but that is OKAY. Savings are fluid! They’re supposed to be used in the case of emergency, and this qualified as such.

Read more...

Receive Updates

Take the Pledge

Written by Super User | September 16, 2013

Start Saving

Receive Texts

Written by Tammy G. Bruzon | July 15, 2014

Learn More

Partner News & Updates

Written by Katie Bryan | October 18, 2013

Sign Up